Cascades Inc. has entered into an agreement to sell its corrugated packaging plant in Richmond, British Columbia, Canada, to Crown Paper Group for a total value of $65.5 million. The transaction includes the real estate assets and is subject to working capital adjustments and the assumption of certain liabilities, with completion expected in the coming days, according to Cascades.
The sale supports Cascades' strategic commitment to optimizing its operations and reducing debt. The company stated the Richmond plant offered limited integration potential within its own network but aligns with Crown's existing operations, which include an integrated containerboard mill in Port Townsend, Washington. Cascades will work with Crown to ensure an orderly transition for customers, employees, and suppliers.
